The event also published a document of knowledge on “Health Insurance 2042”, which sheds light on the problems and opportunities in this sector
The Chamber of Commerce of the Doctor of Medicine yesterday organized a conference in Delhi on “Health Insurance until 2042”, at which experts from insurance companies and government officials discussed new innovative ways to improve health insurance services.
Speaking at the conference, Maltese Jaiswal, a senior World Bank consultant and advisor to the National Health Authority (NHA), said Aushman Bharat’s Digital Mission (ABDM) plans to build a health infrastructure that bridges the existing gap between the various stakeholders. ecosystem health through digital backbones. Referring to the goals of ABDM, she said that a health ID for all citizens of India – ABHA (Ayushman Bharat Health Account) will be created, which will be useful for keeping personal medical records in digital form and it is easy to access.
Emphasizing the distribution and availability of insurance to a larger number of people, she said it is impossible to cover a smaller number of people; hence, the concept of the group needs to be introduced. It can be professional kinship, local closeness, kinship, etc. “We need to insure a large number of them, not small ones,” she said.
The event also published a document of knowledge on “Health Insurance 2042”, which sheds light on the problems and opportunities in this sector.
Prodip Multani, President of PHDCCI, said that the health insurance sector in India is expected to grow by 10.1 per cent between 2021 and 2027.
He said: “The Ayushman Bharat scheme has managed to reach 50 per cent of the population from the bottom of the population, and almost 20 per cent of the population is covered by various other voluntary schemes. The remaining 30 percent or the missing middle is what the government should look at now. ”
In addition, Dr. Harsh Mahajan, chairman of the PHDCCI Hospital and Diagnostics Committee, and founder and chief radiologist Mahajan Imaging, explained that the hospital sector accounts for 80 percent of the country’s total healthcare segment.
“The hospital industry in India by 2023 will reach $ 132 billion from $ 62 billion in 2017, growing at CAGR by almost 16-17 percent. In addition, in 2018, the digital health care market, valued at $ 116 billion, will reach $ 485 billion by 2024, an increase of 3.5 times. The surge in growth is primarily due to the pandemic, which accelerated the growth of the diagnostic sector by 20.5 percent. It is now estimated at $ 32 billion from $ 5 billion in 2012, ”he said.
Shedding light on the need for huge investments in medical education, SK Sethi, co-chair of the BFSI Committee, PHDCCI, and founder and CEO of India Insurance Fund, stressed that India needs medical colleges, including allopathy and AYUSH to improve the healthcare sector. . “We need 1,500 allopathic colleges, 750 AYUSH colleges, 3,000 nursing colleges and 3,000 physiotherapy institutes to improve health care in the country,” he said.
He also said that no insurance company had been issued a new license in the last five years, and noted the need to regulate health insurance. He cited the example of the US, where the insurance regulator is at the state level, and the license is also issued to the company only on this basis. “In our country, to get a license, a company has to operate in Pan-India,” he lamented.
Bhaskar Nerurkar, head of Bajaj Allianz General Insurance’s health insurance department, insisted on the need for some rules for the hospital industry to control treatment costs as the line between hospitals and hospitality is blurred.
He said that when the pandemic was at its peak, hospitals provided upscale treatment to some patients, keeping them not in common wards but in princely apartments. “The installation of air conditioners (AC) caused a serious spread of COVID-19, and hospitals had the advantage of receiving money for the sanitation process through insurance companies. But the treatment should be monitored, not the financial situation of patients, “he insisted.
Nerukar also showed that medical inflation jumped to 32 percent during the pandemic.
In addition to reducing the cost of treatment, Dr. Sultan Kamruddin Badani, Deputy Head of Health and Accident, Universal Sompo General Insurance, also proposed to reduce the cost of insurance, population surveys and home health care.
“We need to have insurance for every Indian,” he shared with the audience.
Dr Samir Gupta, co-chair of the Committee on Hospital and Diagnostics, PHDCCI, also spoke about the impact of the COVID-19 pandemic on the health sector and stressed the need for a virtual transition of insurance companies.
“In the next 10 years, a lot of primary care will be virtual. Therefore, it is also important for insurance providers to understand and adapt to changes and offer services virtually, ”he suggested.
He also asked insurance providers and the government to include the aspect of “disease prevention” by providing health insurance and drafting health policies accordingly.
Other dignitaries present during the conference spoke about the use of technology in the blockchain, the challenges and ways to combat mental health, and the need to close the gap in treatment, among others.
Discussions and discussions among stakeholders in the health insurance sector are expected to lead to new innovative ways to make the sector smooth and flawless by 2042.